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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2017
Investment Securities  
Schedule of amortized cost and fair value of investment securities held to maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

    

Gross

 

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

3,678

 

$

54

 

$

 —

 

$

3,732

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

6,094

 

$

156

 

$

 —

 

$

6,250

 

September 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal obligations

 

$

6,851

 

$

225

 

$

 —

 

$

7,076

 

 

Schedule of amortized cost and fair value of investment securities available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$

86,521

 

$

72

 

$

(642)

 

$

85,951

 

State and municipal obligations

 

 

199,898

 

 

4,584

 

 

(188)

 

 

204,294

 

Mortgage-backed securities**

 

 

1,027,827

 

 

4,673

 

 

(5,023)

 

 

1,027,477

 

Corporate stocks

 

 

2,781

 

 

176

 

 

 —

 

 

2,957

 

 

 

$

1,317,027

 

$

9,505

 

$

(5,853)

 

$

1,320,679

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$

85,488

 

$

 —

 

$

(846)

 

$

84,642

 

State and municipal obligations

 

 

105,303

 

 

2,289

 

 

(190)

 

 

107,402

 

Mortgage-backed securities**

 

 

807,717

 

 

3,085

 

 

(7,225)

 

 

803,577

 

Corporate stocks

 

 

3,658

 

 

473

 

 

(347)

 

 

3,784

 

 

 

$

1,002,166

 

$

5,847

 

$

(8,608)

 

$

999,405

 

September 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt*

 

$

62,996

 

$

20

 

$

(36)

 

$

62,980

 

State and municipal obligations

 

 

112,797

 

 

4,542

 

 

(15)

 

 

117,324

 

Mortgage-backed securities**

 

 

729,699

 

 

11,721

 

 

(143)

 

 

741,277

 

Corporate stocks

 

 

3,658

 

 

380

 

 

(245)

 

 

3,793

 

 

 

$

909,150

 

$

16,663

 

$

(439)

 

$

925,374

 

* -  The Company’s government-sponsored entities holdings are comprised of debt securities offered by Federal Home Loan Mortgage Corporation (“FHLMC”) or Freddie Mac, Federal National Mortgage Association (“FNMA”) or Fannie Mae, FHLB, and Federal Farm Credit Banks (“FFCB”).  Also included in the Company’s government-sponsored entities are debt securities offered by the Small Business Administration (“SBA”), which have the full faith and credit backing of the United States Government.

** - All of the mortgage-backed securities are issued by government-sponsored entities; there are no private-label holdings.

Schedule of amortized cost and fair value of other investment securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$

10,177

 

$

—

 

$

—

 

$

10,177

 

Investment in unconsolidated subsidiaries

 

 

2,262

 

 

—

 

 

—

 

 

2,262

 

 

 

$

12,439

 

$

 —

 

$

 —

 

$

12,439

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$

7,840

 

$

—

 

$

—

 

$

7,840

 

Investment in unconsolidated subsidiaries

 

 

1,642

 

 

—

 

 

—

 

 

1,642

 

 

 

$

9,482

 

$

 —

 

$

 —

 

$

9,482

 

September 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Bank stock

 

$

7,840

 

$

—

 

$

—

 

$

7,840

 

Investment in unconsolidated subsidiaries

 

 

1,642

 

 

—

 

 

—

 

 

1,642

 

 

 

$

9,482

 

$

 —

 

$

 —

 

$

9,482

 

 

Schedule of amortized cost and fair value of debt securities by contractual maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities

 

Securities

 

 

 

Held to Maturity

 

Available for Sale

 

 

 

Amortized

 

Fair

 

Amortized

 

Fair

 

(Dollars in thousands)

    

Cost

    

Value

    

Cost

    

Value

 

Due in one year or less

    

$

2,225

 

$

2,253

    

$

12,023

    

$

12,090

 

Due after one year through five years

 

 

1,153

 

 

1,179

 

 

109,509

 

 

110,127

 

Due after five years through ten years

 

 

300

 

 

300

 

 

275,960

 

 

278,021

 

Due after ten years

 

 

 —

 

 

 —

 

 

919,535

 

 

920,441

 

 

 

$

3,678

 

$

3,732

 

$

1,317,027

 

$

1,320,679

 

 

Schedule of securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than

 

Twelve Months

 

 

 

Twelve Months

 

or More

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

 

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

(Dollars in thousands)

    

Losses

    

Value

    

Losses

    

Value

 

September 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$

473

 

$

68,366

 

$

169

 

$

11,830

 

State and municipal obligations

 

 

188

 

 

21,851

 

 

 —

 

 

 —

 

Mortgage-backed securities

 

 

4,457

 

 

455,145

 

 

566

 

 

35,917

 

Corporate stocks

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 

$

5,118

 

$

545,362

 

$

735

 

$

47,747

 

December 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$

846

 

$

84,642

 

$

 —

 

$

 —

 

State and municipal obligations

 

 

190

 

 

11,506

 

 

 —

 

 

 —

 

Mortgage-backed securities

 

 

7,148

 

 

592,228

 

 

77

 

 

2,058

 

Corporate stocks

 

 

 —

 

 

 —

 

 

347

 

 

1,395

 

 

 

$

8,184

 

$

688,376

 

$

424

 

$

3,453

 

September 30, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Government-sponsored entities debt

 

$

36

 

$

11,962

 

$

 —

 

$

 —

 

State and municipal obligations

 

 

15

 

 

1,947

 

 

 —

 

 

 —

 

Mortgage-backed securities

 

 

106

 

 

56,023

 

 

37

 

 

2,325

 

Corporate stocks

 

 

 —

 

 

 —

 

 

245

 

 

1,496

 

 

 

$

157

 

$

69,932

 

$

282

 

$

3,821